New England credit unions accounted for more than $1 billion in small business loans originated in 2015 and roughly $3.5 billion in small business loans outstanding, according to a study released Tuesday.
The 37-page study, “The New England Financial Services Industry: Around the Corner and Around the World,” presents its findings according to the banking, asset management and insurance sectors and spotlights the state of financial services in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont in 2015.
Cooperative Credit Union Association President/CEO Paul Gentile joined experts following the study’s release for a panel discussion on the report’s findings.
"On behalf of credit unions, we appreciate the New England Council taking a comprehensive look at the financial services industry in New England,” Gentile said. “Clearly, credit unions are part of a growth engine of the region and our strong New England roots show up in the tremendous member penetration credit unions have, the above average loan-to-share ratio and an ever growing employee base that's not only serving credit union members, but helping drive the economy."
Other findings from the report: